--- title: "Kanzhun: Tougher Operating Environment, Still Steady" type: "Topics" locale: "en" url: "https://longbridge.com/en/dolphin/post/43586503.md" description: "$Kanzhun(BZ.US) Q2 results were steady, with core profit slightly ahead of market expectations on scale and efficiency gains. Adj. net income delivered a notable beat mainly due to investment gains from Zhipu's IPO.Despite macro headwinds, the company grew against the tide. A timing shift in the spring hiring season helped, and as blue-collar recruitment moves online, Kanzhun captured more share on product strength.Specifically, 1) billings rebounded as expected. YoY growth in billings recovered to 16% in Q2, and revenue growth also rebounded to 15%, both within guidance. As noted last quarter..." datetime: "2026-08-25T12:44:30.000Z" locales: - [en](https://longbridge.com/en/dolphin/post/43586503.md) - [zh-CN](https://longbridge.com/zh-CN/dolphin/post/43586503.md) - [zh-HK](https://longbridge.com/zh-HK/dolphin/post/43586503.md) author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)" generator: "portal-rs" --- # Kanzhun: Tougher Operating Environment, Still Steady $Kanzhun(BZ.US) Q2 results were steady, with core profit slightly above Street expectations on scale-driven efficiency gains (Adj. net profit beat largely on investment gains from Zhipu’s IPO).Despite macro headwinds, Kanzhun delivered counter-cyclical growth, helped by the late spring hiring season and share gains in blue-collar recruitment as online penetration rose, supported by product strength. In detail: Key takeaways below. **1\. Billings rebounded as expected:** Q2 Billings growth recovered to 16% YoY, and revenue rose 15% YoY, both within guidance.As flagged last quarter, the late Lunar New Year pushed the spring hiring peak later, driving a counter-trend rebound in Q2 revenue growth. **2\. Revenue guidance in line:** Q3 revenue guidance implies 11%–15% YoY growth, a slight QoQ deceleration.This mainly reflects normalized comps and ongoing macro pressure, which investors had largely anticipated. **3\. Employer (B-side) customers continued to grow:** Excluding the YoY timing distortion, net new enterprise customers rose by 100k QoQ, and 1H overall was flat vs. last year.This confirms Q2 billings rebound was driven by employers shifting their hiring schedules due to the holiday. Sensor Tower tracked iOS-side Q2 billings growth at 27%, accelerating from 14% in Q1, and July further accelerated to 41%.This outpaced overall billings, suggesting heightened budget pressure or uncertainty on the employer side, with a shift toward flexible, on-demand purchasing. **4\. Consumer (C-side) MAU growth slowed:** Q2 MAU reached 70 mn, lifted by spring hiring and World Cup sponsorship exposure, with net adds of 9.3 mn.QM data shows Kanzhun dominates the vertical in scale, with MAU far ahead and total user time share above 60% and rising. **5\. Operating leverage kept expanding:** Q2 core operating profit was RMB 860 mn, slightly above expectations, with OPM at 35.7%, up 500 bps YoY.Beyond sales expense optimization, scale economies drove broader cost and operating efficiency gains. **6\. Above-par shareholder returns:** Management lifted the previously announced two-year $250 mn program (to Sep 2025) to $400 mn and committed to returning 50% of Adj. net profit to shareholders (buybacks & dividends) starting 2026.Across Q1–Q2, 2025 dividends plus buybacks exceeded 100% of Adj. profit, with an overall return of 7.5%. Cash on hand is $2.7 bn, operating cash flow is healthy, and if H2 buybacks match the $300 mn total in H1, full-year total return could reach ~12%. **7\. Core metrics vs. consensus** **Dolphin Research View** Despite Q2 macro pressure, third-party online billings data for Kanzhun accelerated in Jul, and the name has acted as a quality defensive play on the opposite side of AI hype.After a muted Q2, the stock staged a visible rebound in Jul. While Kanzhun is a traditional mobile internet platform, its resume database and offline coordination in hiring workflows mean it currently benefits from AI rather than being disrupted by it.That said, given macro headwinds and the prospect of broader AI penetration affecting labor supply–demand, our outlook stays cautious. On a tax-after operating profit basis (expenses include SBC, exclude investment gains), 2026/2027 trade at ~20x/14x forward P/E vs. ~15% profit growth over the next two years, suggesting much of the re-rating has played out. Blue-collar online penetration and new AI-role demand remain tailwinds, and the macro drag may not immediately show in results.However, that overhang still acts as a Damocles sword, limiting multiple expansion similar to past cycles. Conversely, the 7.5%–12% shareholder return provides a floor on pullbacks, implying near-term range-bound trading, with opportunities when AI flows siphon liquidity or macro expectations deteriorate and valuations reset. \ **Dolphin Research on Kanzhun:** **Earnings season (latest quarters only)** Nov 19, 2025 Call Trans. '[Kanzhun (Trans): Customer renewals warming, growth bottomed and rebounded](https://longbridge.cn/topics/36496336?channel=SH000001&invite-code=355628&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN&share_track_id=fedf7423-0b0a-4617-929a-627153034bb7)' Nov 19, 2025 Earnings Take '[Kanzhun: Less surprise, strength intact](https://longbridge.cn/topics/36496030?channel=SH000001&invite-code=355628&app_id=longbridge&utm_source=longbridge_app_share&locale=zh-CN&share_track_id=2990358e-a428-4bfa-a02c-bb5950520eea)' Aug 21, 2025 Call Trans. '[Kanzhun (Trans): Hiring demand on the platform has recovered](https://longportapp.com/en/topics/33198752?invite-code=032064)' Aug 21, 2025 Earnings Take '[Kanzhun: Environment remains choppy, but the small-and-beautiful profile stands](https://longportapp.com/en/topics/33197581?invite-code=032064)' Risk disclosure and statement: [Dolphin Research disclaimer and general disclosure](https://support.longbridge.global/topics/misc/dolphin-disclaimer) ### Related Stocks - [02513.HK](https://longbridge.com/en/quote/02513.HK.md) - [02076.HK](https://longbridge.com/en/quote/02076.HK.md) - [BZ.US](https://longbridge.com/en/quote/BZ.US.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**